• GBP/JPY defies the previous day’s U-turn from 139.50 while bouncing off 138.85.
  • Sustained trading beyond 61.8% Fibonacci retracement keeps bulls hopeful.
  • Sellers will wait for a clear break below 200-day SMA, an eight-month-old falling trend line.

GBP/JPY picks up the bids near 139.10, up 0.10% on a day, during Wednesday’s Asian session. The pair surged to the fresh high since June on Tuesday before retracing a bit. However, the quote’s successful trading above 61.8% Fibonacci retracement level of December 2019 to March 2020 fall justifies the previous break of a falling trend line from December 12, 2019.

While the said technical catalysts are likely to support the pair’s upside momentum, also signaled by bullish MACD, bulls seem cautious ahead of the preliminary UK GDP for the second quarter (Q2).

Read: UK GDP Preview: Three reasons why 20% contraction estimates are too low, GBP/USD may rise

Even so, the pair remain on the bull’s radar unless it slips below 138.80 comprising the key Fibonacci retracement level, a break of which could drag it to 137.65/60 support confluence including 200-day SMA and the said resistance-turned-support line.

On the contrary, the pair’s further upside eyes June month’s high of 139.75 as immediate resistance ahead of the 140.00 threshold and a five-month-old ascending trend line near 140.30.

GBP/JPY daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 139.01
Today Daily Change 0.06
Today Daily Change % 0.04%
Today daily open 138.95
 
Trends
Daily SMA20 136.87
Daily SMA50 135.56
Daily SMA100 134.3
Daily SMA200 137.49
 
Levels
Previous Daily High 139.5
Previous Daily Low 138.4
Previous Weekly High 139.24
Previous Weekly Low 137.75
Previous Monthly High 139.21
Previous Monthly Low 132.95
Daily Fibonacci 38.2% 139.08
Daily Fibonacci 61.8% 138.82
Daily Pivot Point S1 138.4
Daily Pivot Point S2 137.85
Daily Pivot Point S3 137.29
Daily Pivot Point R1 139.5
Daily Pivot Point R2 140.06
Daily Pivot Point R3 140.61

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD bulls are attempting to break higher with eyes towards 0.6680

AUD/USD bulls are attempting to break higher with eyes towards 0.6680

AUD/USD bulls are in play as they knock on the doors of a key resistance despite the miss in the Trade Balance. A weaker US dollar in trade on Thursday is giving the commodities a boost. The greenback is correcting the move from Wednesday when the DXY, rallied to 111.735. 

AUD/USD News

EUR/USD extends recovery above 0.9900 as risk-off fades, US NFP in focus

EUR/USD extends recovery above 0.9900 as risk-off fades, US NFP in focus

The EUR/USD pair has crossed the immediate hurdle of 0.9900 confidently and is expected to establish above the same. The risk profile is getting cheerful now as S&P500 has rebounded firmly. Also, yields have cooled somehow as investors are shifting their focus toward the NFP data.

EUR/USD News

Gold aims to extend recovery above $1,720 as focus shifts to US NFP

Gold aims to extend recovery above $1,720 as focus shifts to US NFP

Gold price (XAU/USD) has turned sideways after sensing demand around the critical support of $1,700.00. The precious metal is aiming to cross the $1,720.00 hurdle and will find its next barricade around $1,730.00. 

Gold News

US House Committee turn to DoJ for CBDC development as SWIFT resolves cross-border transfer hurdle

US House Committee turn to DoJ for CBDC development as SWIFT resolves cross-border transfer hurdle

In a letter, the House Financial Services Committee (FSC) asked the Department of Justice (DoJ) for their CBDC assessment. The House Committee analyzed whether the Federal Reserve has the authority to issue a CBDC without authorizing legislation.

Read more

Is the recent S&P 500 rally sustainable?

Is the recent S&P 500 rally sustainable?

Stock investors are all asking the same question... can we trust the recent rally? The market just rallied +5.7% in two trading days. Bulls argue that the rebound could push even higher as the start of Q3 earnings season starts up next week.

Read more

Forex MAJORS

Cryptocurrencies

Signatures